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Corporate Law - The investment in Unit Link Insurance Plans (ULIPs) is now all set to be governed by new set rules from the Insurance Regulatory and Development Authority (IRDA), to be incorporated in all ULIPs offered from next month. Accordingly, the three-year lock-in period for all unit-linked products will be increased to five years....
Read MoreCorporate Law - The tug of regulatory war over unit linked insurance plans (ULIPs) has ended with regulatory regime to be retained with insurance regulatory body (IRDA). The Central Government has promulgated an Ordinance (legislation) to the effect that ULIPs shall be regulated by IRDA only, thus ending the ongoing claims by both regulators- SEBI and I...
Read MoreCorporate Law - Attention is drawn to IRDAI’s (Payment of commission, remuneration or reward to insurance agent or insurance intermediaries) Regulations, 2016 notified on 14th December, 2016 in the official gazette....
Read MoreCorporate Law - The Authority has issued an Exposure Draft along with Proposed Regulations on IRDAI (Outsourcing of Activities by Indian Insures) Regulations, 2016 on 16/8/2016 seeking comments from various stakeholders...
Read MoreCorporate Law - The need for uniform reporting of financial statements of business entities is an off shoot of globalization. India, being an important player, in the evolving world economy, needs to respond to international trends. With several businesses operating across borders and reaching international capital markets, there is a need for establishi...
Read MoreCorporate Law - Insurance Regulatory and Development Authority (IRDA) has issued guidelines vide circular dated 9.9.2011 implementing portability of health insurance policies amongst non-life insurance companies w.e.f. 1.10.2011. The health insurance policy holder by virtue of the said circular can, at the time of renewal, switch:- ...
Read MoreCorporate Law - The Health Insurance Policy Holder can at the time of Renewal of his/her policies can shift to another Insurance Company for a similar product, if he is not satisfied with the present Insurance Company for any reason, without losing the Credits gained, if renewed with the existing company. This was not the case earlier; because change in ...
Read MoreNew India Assurance Co. Ltd. Vs. Union of India (Delhi High Court) - Every claim made against an insurance company in respect of a loss, would be a claim within purview of claims “requiring to be paid or settled” under section 64UM(2) of Insurance Act....
Read MorePushpa @ Leela & Ors. Vs Shakuntala & Ors. (Supreme Court of India) - The Supreme Court held recently held in the case of Pushpa @ Leela & Ors. Versus Shakuntala & Ors that the insurance company will be liable to pay compensation for road accident death even if the owner had sold the vehicle so long as his name is the official register. The previous owner m...
Read MoreLimitation period means the time within which a person must file his case before a judicial authority for exercising his rights. This period is to be calculated from the date of the cause of action. This term does not have any definition, but it is well settled that “cause of action” is a mixed ...
Read MoreIRDA/ BRK/ CIR/ INSRE/211/09/2017 - (07/09/2017) - The Authority as part of its developmental mandate and to reach out to the policyholders in a cost efficient manner has taken number of steps. This includes issuing revised guidelines on insurance repositories, insurance e-commerce, issuance of electronic insurance policies, maintenance of electroni...
Read MoreRef. No: IRDA/SDD/MISC/CIR/204/08/2017 - (31/08/2017) - Authority vide circular dated 21st October, 2013 and AML Master Circular dated 28th September, 2015 allowed Aadhaar based e-KYC service offered by UIDAI for KYC verification. 2. It is hereby clarified that for accessing the details of the client from UIDAI for identification and authentication shall...
Read MoreRef: IRDAI/LIFE/CIR/MISC/POS/185/08/2017 - (08/08/2017) - Annexure –I (a) – Pure Term Insurance Product with or without return of Premium wherein the maximum Limit of Sum Assured under the Pure Term Product was capped up to Rs 25 Lakhs (excluding ADB Rider) Only...
Read MoreRef: IRDAI/NL/PNTC/MISC/179/08/2017 - (03/08/2017) - The world of technology is dynamic. Technology constantly makes waves in every field and the insurance industry too has benefitted immensely from the advantages technology offers. In this paper, we restrict ourselves to the concept of ‘Telematics’ and the role it can play in Motor Insurance....
Read MoreCircular No. IRDA/F&A/CIR/Misc/173/07/2017 - (25/07/2017) - All insurers having unclaimed amounts of policyholders for a period of more than 10 years as on 30th September, 2017 need to transfer the same to the Senior Citizens’ Welfare Fund (SCWF) on or before 1st March, 2018. ...
Read MoreIRDA/ BRK/ CIR/ INSRE/211/09/2017 - (07/09/2017) -
Ref. No: IRDA/SDD/MISC/CIR/204/08/2017 - (31/08/2017) -
Ref: IRDAI/LIFE/CIR/MISC/POS/185/08/2017 - (08/08/2017) -
Ref: IRDAI/NL/PNTC/MISC/179/08/2017 - (03/08/2017) -
Circular No. IRDA/F&A/CIR/Misc/173/07/2017 - (25/07/2017) -
Ref: IRDA/F&A/CIR/ACTS/146/06/2017 - (28/06/2017) -
F. No. IRDAI/Reg/8/145/2017 - (22/06/2017) -
Circular No. IRDA/INT/CIR/IMF/122/05/2017 - (25/05/2017) -
Circular No. IRDA/NL/MISC/PRO/115/05/2017 - (09/05/2017) -
